Zale’s rejected a takeover offer; will restructure.

Donald Zale, chairman of the Irving, Tex., jewelry retailer, said the company’s board rejected a takeover by Peoples Jewellers Ltd. of Canada. Zale also announced a major restructuring plan, including a possible sale of its European retail operations, which will result in a one-time charge of about $80 million to $90 million against net income for the fiscal year ending March 31. The plan includes the sale of two U.S. retailing divisions: the Aeroplex division, which operates 90 newsstand shops at airport and hotel locations, and the O. G. Wilson Catalog Showroom division, which consists of 13 retailing units offering a broad assortment of non-jewelry merchandise.